Vol. 481 No. 2
21 Ms Shortall asked the Minister for Finance the discussions, if any, he has had with the European Monetary Institute regarding the composition of the board of executive directors of the proposed European central bank which will succeed the European Monetary Institute; and if he will make a statement on the matter. [15703/97]
The Maastricht Treaty lays down the procedure for the appointment of the executive board of the European Central Bank. The relevant Articles of the Treaty are 109a and 109l, together with Article 50 of Protocol (No. 3) on the Statute of the European System of Central Banks and of the European Central Bank. When the executive board of the ECB is being established, the president, the vice-president and the other members shall be appointed by common accord of the governments of the member states at the level of Heads of State or Government, on a recommendation from the Council and after consulting the European Parliament and the Council of the European Monetary Institute.
The composition of the executive board is, therefore, a matter in the first instance for the Council of Ministers. The EMI will of course be consulted at the appropriate time. The question of the composition of the board is not one for discussion between individual Ministers and the EMI at this time.
Under the Treaty, the appointment of the board is to take place immediately after 1 July 1998. The number of members on the executive board is set at six, including the president and vice-president. However, the number of members on the board may be reduced to a minimum of four, if there are member states which have derogations and are not proceeding to the third stage of economic and monetary union. The composition of the board therefore cannot be formally considered until the decision on who is to participate in the third stage has been taken around May of next year.
I am aware of the importance of ensuring that appointments to the executive board are made in a way that ensures its overall competence for its tasks, and at the same time serves the interests of Ireland and the Union as a whole. I will be keeping this matter under active review in the coming months in that regard.
